Cryptocurrencies React Unevenly to Wall Street Declines
Cryptocurrencies saw price improvements on Tuesday, February 11, though Bitcoin (BTC) remained stagnant, slipping 1.17% to $96,230 over the past 24 hours, according to Binance.
The biggest gains came from Cardano (ADA), which surged up to 12%, driven by Grayscale’s request to launch the first spot Cardano ETF. Binance Coin (BNB) followed with a 4.5% increase, while SUI rose 4%. Meanwhile, other cryptocurrencies declined, with Toncoin, Bitget Token (-1.4%), and Hedera (-1.08%) leading the losses amid a sharp downturn on Wall Street and a muted market reaction to Jerome Powell’s statements.
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Rumors of a New ETF
The U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin (BTC) and Ethereum (ETH) ETFs based on the premise that the CME’s futures surveillance system would help prevent price manipulation. Although the CME has yet to list ADA futures, analysts at Bloomberg suggest a Litecoin (LTC) ETF has a 90% chance of approval this year.
Additionally, Ethereum (ETH) exchange-traded products (ETPs) outpaced Bitcoin (BTC) ETPs in fund inflows for the first time last week, driven by Ether’s drop below $2,700 on February 6. However, Bitcoin remains dominant, with nearly $6 billion in inflows in 2025—505% more than Ethereum ETPs.
Powell’s Remarks and Market Reaction
Federal Reserve Chair Jerome Powell addressed the Senate Banking Committee on Tuesday, avoiding any indication of imminent rate cuts. His comments reinforced the Fed’s stance from its January meeting, where it kept interest rates unchanged after three cuts in late 2024.
“Now that our policy stance is significantly less restrictive than before and the economy remains strong, we don’t need to rush to adjust our policy,” Powell stated.
He also cautioned against lowering rates “too quickly,” warning that it could “hinder progress on inflation.”
Markets remain focused on Powell’s congressional testimony, with analysts expecting a cautious approach as his policies will be influenced by the economic measures of President Trump. Powell may also face tough questions from Republican lawmakers.
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